Yodel has announced today (February 13) that it has been acquired by the newly formed YDLGP Limited. The announcement follows media speculation last week that Yodel was seeking a buyer to avoid going into administration.
YDLGP is backed by a consortium of investors including independent boutique investment bank Solano Partners and the leadership team behind UK-based logistics platform Shift. YDLGP has additionally agreed terms to acquire the entire issued share capital of Shift, the tech logistics scale-up that acquired and relaunched Tuffnells in June 2023.
The enlarged group will form a ‘superscale’ logistics platform serving both the parcel market through the Yodel business, and larger, irregular dimensions and weights freight through the Tuffnells brand. Shift’s AI-driven technology platform will bring automation and efficiency to both businesses.
The Shift leadership team will provide significant technology and operational expertise, having successfully turned around the fortunes of the Tuffnells brand. Furthermore, the deal and the access to capital it facilitates safeguards thousands of UK jobs, providing surety for drivers, suppliers and customers alike.
Mike Hancox, CEO of Yodel, said, “We’re extremely excited to begin the next chapter of Yodel’s journey, leveraging the scale of our business with the support of new shareholders and the future benefits of the Shift technology platform. Our customers have always been our priority and the transaction announced today allows us to ensure continuity for them, as well as our employees and wider stakeholders.”
Jon Edirmanasinghe, founding partner of Solano, added, “We believe there is a fantastic opportunity to harness the strong brand and scale of Yodel in the UK and take further market share with the support of fresh capital and the innovative technology provided by the Shift team. We’ve seen the Shift team successfully acquire and relaunch the Tuffnells business and believe that forming the enlarged group to house all three creates a disruptive logistics powerhouse.”
Jacob Corlett, CEO of Shift, commented, “I am incredibly proud of what we have built at Shift in the last few years, rapidly scaling our tech-logistics platform, and M&A has been a big part of that success. At the heart of this merger is Shift’s revolutionary AI-driven technology platform, promising a future where efficiency and automation become the backbone of logistics operations. I look forward to working with Mike and the Yodel team, and with the support of YDLGP, continuing our journey building and scaling logistics through technology.”
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